5 Steps to Surviving Extinction
A practical guide to modernizing your brand
Small businesses are taking hit after hit these days, not solely from the actions of Big Business but increasingly by the disruptive forces of innovation. Needless to say, the business climate is changing and, spoiler alert, it’s man-made. Corporate climate change is real and it is being fueled by the seeming convergence of social entrepreneurship, conscious capitalism and the Millennial mindset; all of which subscribe to the triple bottom line (TBL)* approach to business – People, Planet, Profit. Add exponentially advancing technologies into the mix and it becomes a recipe for ruination for the uninitiated.
It is not easy to concede to that which can drastically compromise one’s way of life. It can be terrifying. For those who refuse to see the writing on the wall, two options oft invariably arise; willful ignorance (out of sight, out of mind) or a 3D Offense: Deny, Deflect, Demonize. For instance, if a harmful truth surfaces which is perceived as a threat to a company’s existence, leadership can simply: DENY that the truth is real, DEFLECT criticism by changing the subject, and DEMONIZE the source from which the truth originated. It is a 1, 2, 3 knockout combo perfectly suited for modern gainsaying.
Noam Chomsky famously iterates, “If you’ve ever taken an economics course, you know that markets are supposed to be based on informed consumers making rational choices.” But that’s not the case. “The point is to create uninformed consumers who will make irrational choices. That’s what advertising is all about”, he emphasizes. Artfully branded disasters have conditioned us to be in a constant state of anxiety. Typically, when we approach an issue at wits’ end, it doesn’t bring about the most regal outcome.
Naturally, adapting to the current climate of change does not equate to standing your ground in a mudslide screaming, “Is that all you got!” Instead, it involves: anticipating the mudslide, securing a helicopter, filming the mudslide from a place of safety above, monetizing that content, launching a M.U.D. initiative, partnering with other aerial adventurers to protect your brown-side, giving lectures on why water and dirt don’t mix, and writing a book about your experience while sipping Mudslides in Malibu. It is a qualitatively different approach to doing business – Strategy over tragedy.
So, how do we survive this enterprise-extinction event which is happening all around us? One thing you most certainly do not want to do in your (r)evolutionary strategy is cut corners. There is a long term cost to being cheap. When you take short cuts, you end up getting cut short.
1. Research Immortality
Educate yourself. Don’t rely on cable news, the social media feeds of your virtual friends, or even your instincts, entirely. Step out of your bubble, humble yourself and get some unbiased data on what your market might look like 10, 15, 20 years from now. Then, try to take an honest look at how your company stacks up against the competition and those on the leading edge. Are you behind the curve? Understanding the state of your industry – its trends, trailblazers and best practices – is a good place to start.
2. Find Your Zeus
Recruit someone who can offer a fresh perspective on things. You will most likely need a seasoned, outside professional to take the lead on your transformation. Change can be painful but remember – No pain, no gain. I recommend starting your search on LinkedIn. It’s a great tool for scouting talent without having to post an ad in newspapers or message boards, bogging you down with resumes and interviews. Ever watch the TV series, The Profit? That’s the kind of person you want. Not a billionaire who will invest, but a thrillionaire who thinks in terms of efficiency, synergy and growth while maintaining the integrity of the brand you’ve worked so hard to build over the years.
3. Trade-In Your Jalopy For A Spaceship
Modernize your workplace. Optimizing your sales stack should be a priority. Outdated systems (of all sorts) can be rampant in family owned, century-old workplaces, particularly in companies with less than 50 employees. Performing an operational audit on your end-to-end sales process will provide great insight into where your weaknesses lie. Reassess your company mission, corporate culture, shipping practices, employee training methods, update your branding and web presence, consider modifying your offering and becoming more strategically relevant. Nothing is off limits. Step into the 21st century.
4. Signal To Other Lifeforms
Strengthen your professional network. Plan to forge strategic alliances and marketing partnerships with trusted brands. Attend industry events and become more visible in your community. Hire the best of the best and fire the worst of the worst (I know, easier said than done). Attract the leaders of tomorrow. Implementing a paid internship program can be like adding Miracle Grow to an office setting. Interns bring a spirited energy to underwhelming environments. Be forewarned, they need something compelling to latch onto. Millennials crave a decentralized, entrepreneurial culture with light coaching from their superiors, underpinned by a larger-than-life company mission.
5. Create A Media Shower
Don’t skimp on the marketing! You’re at the finish line. Make sure everyone knows about your renaissance. Beautification without appreciation is nullification. Perhaps an open house or re-opening event is in order. Throw a “Rebirth-day Party” and invite local business owners. Propagate clever content via digital campaigns. Think differently. Be witty. When you come up with an idea, ask yourself, “Is this newsworthy?” Grabbing 2-second attention spans isn’t easy. Remember, if you build it, they won’t come – unless they know about it.
The key to fulfilling these steps is exercising humility and composure. Humility: to challenge yourself and the way you’ve been doing business for the last 30 years. Composure: to remain a levelheaded leader throughout. Keeping a cool head in a hot climate is essential. This metamorphosis can create higher levels of anxiety in the short term, for you, your family and your staff alike, but if you can endure the shift gracefully, honor your current customers, be mindful of your employees’ needs and include them in the process, then you’re on your way to sidestepping the tar pits for years to come.
*Triple bottom line is a phrase coined by John Elkington in 1994 which suggests that an organization should equip itself with three bottom lines to track its social, environmental, and economic performance, as opposed to one bottom line exclusively tied to finances.
